India expected to have over 100 new unicorns in 2022: HDFC Securities

NEW DELHI: Accelerated funding activity is expected to create over 100 unicorns in India during 2022. "The unicorn wave in India is still going strong: one unicorn has been added every five days within the first two months of 2022, and India is expected to have 100+ new unicorns in 2022," HDFC Securities said in a report. "But it turned out to be a huge catalyst for driving digital engagements, as people began to switch to online mode for various activities like shopping, payments, education, and e-commerce and businesses, realising the significance of having an internet presence, started to build their presence and capabilities for the online channels." As of September 2021, there were 834 million internet subscribers in India, up 7 per cent YoY, with high-speed data access and low data rates being the most crucial aspects in people being able to transact online. "The large number of deals and high transaction values paved the way for the unicorn wave in India with companies across e-commerce, fintech, edtech gaining the coveted unicorn status against the backdrop of innovative and scalable business prospects."